Apache Corp. (APA) reported first quarter adjusted EPS of $2.02 Thursday morning, down from $3.00 a year ago. The consensus estimate was for EPS of $2.21.
Apache also announced a plan to divest $4 billion in assets by year-end 2013. The company said it intends to use initial proceeds of $2 billion to reduce debt and enhance financial flexibility. Additional proceeds are intended to be used to repurchase approximately $2 billion of Apache common shares under a 30-million-share repurchase program authorized by the Board of Directors.
Apache has been rising since the open of trade Thursday and is now up 3.47 at $81.23. The stock has broken out to nearly a 3-month high and has re-crossed its 200-day moving average.
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